I like the suggestion of Muadh bhai's micro-khilafat. This can be done in various levels.
I used to think about having khilafat run Muslim micro-nation, some nation which is not politically relevant away from too much scrutiny. But its really idealistic, All Muslims countries seems to be politically relevant in the current senario.
But we should really really ponder upon Rasoolullah
's Prophesy about the Khilafat. I can't find the exact hadith, but it relayed the message that :
The Khilafath will give way to kings and kings to tyrants and in the same way it will return to kingship and then righteous Khilafath.
We are at a stage of U turn from the tyrants I suppose, now we should work towards the righteous kingship. So as london bhai mentioned we should support leaders like Morsi who are atleast decent and have and Islamic vision. We shouldn't expect an Umar ibn Abdul Azizرضي الله عنه right away.
I agree with a lot of the points mentioned above, certainly enlightening our future generations about this issue is top priority. But the main 'catalyst' for khilafat to return is top class ulema e haqq. A handful of them can influence Millions of people and Billion of people in the future for centuries by Allah's will.
This thread needs to stay alive, It is through these discussions that the morale of Muslims will improve and eventually result in actions, inshaAllah.

